Saudi backers say LIV Golf no longer fits with investment strategy

April 30 : Saudi Arabia's Public Investment Fund, which has spent more than $5 billion on LIV Golf since it launched in 2022, said on Thursday that investing in the league no longer fits with its investment strategy.

The decision to cut funding at the close of the 2026 season leaves the breakaway circuit scrambling for new backers and raises questions about the future of its big-name players on lucrative contracts.

LIV turned the golf world upside down when, armed with PIF's billions, it enticed some of the game's biggest names to defect from the long-established PGA Tour.

Major winners Bryson DeChambeau, Jon Rahm, Phil Mickelson, Dustin Johnson, Brooks Koepka and Patrick Reed were all recruited to play team golf around the world for millions of dollars in prize money.

Sources at LIV told Reuters on Wednesday that the PIF would cut funding for the breakaway circuit at the close of the league's 2026 season with Saudi Arabia's $925 billion sovereign wealth fund confirming the decision in a statement.

"The substantial investment required by LIV Golf over a longer term is no longer consistent with the current phase of PIF’s investment strategy," the PIF said in its statement on Thursday. "This decision has been made in light of PIF’s investment priorities and current macro dynamics.

"The LIV Golf Board has created a committee of independent directors to evaluate strategic alternatives for its future beyond PIF’s funding horizon."

The PIF added that it remains committed to deploying capital internationally in line with its investment strategy, "including current and future investments in various sports as a priority sector."

PIF earlier this month said it would focus investments on the country's economy across six key themes under a